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In which type of economy does the government decide all or most economic questions?
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What economic system that relies on habit custom or ritual to decide questions of consumption and production of goods and services?
Traditional Economy
What is the economic system that relies on habit custom or ritual to decide questions of consumption and production of goods and services?
a centrally planned economy
Which economic system decide what to sell and what price?
If the government is deciding which goods to sell and at what price, it is known as a command economy. If individuals are deciding, it is known as a market economy.
Which of the four econoic systems has the most involvement with the government?
Of the 4 economic systems the one that is most directly involved with the government is command economy. The definition of command economy is an economy where supply and price are regulated by the government rather than market forces. Government planners decide which goods and services are produced and how they are distributed.
What economic system does Libya use?
Libya has a command economy. Also known as controlled or planned economy. This is where a government retains the power to decide how the nations economic resources should be allocated. It has complete control over how theses resources are used.
What economic system that relies on habit custom or ritual to decide questions of consumption and production of goods and services?
Traditional Economy
What is the economic system that relies on habit custom or ritual to decide questions of consumption and production of goods and services?
a centrally planned economy
Which economic system decide what to sell and what price?
If the government is deciding which goods to sell and at what price, it is known as a command economy. If individuals are deciding, it is known as a market economy.
Which of the four econoic systems has the most involvement with the government?
Of the 4 economic systems the one that is most directly involved with the government is command economy. The definition of command economy is an economy where supply and price are regulated by the government rather than market forces. Government planners decide which goods and services are produced and how they are distributed.
What economic system does Libya use?
Libya has a command economy. Also known as controlled or planned economy. This is where a government retains the power to decide how the nations economic resources should be allocated. It has complete control over how theses resources are used.
In a command economy what does the government not do?
The government does not decide what goods consumers buy in a command economy.
State and explain the five fundamental economic questions any society must answer in attempting to achieve and maintain efficiency in the use of its scarce economic resources?
1) Decide what to produce. 2) Decide how to produce. 3) Decide how to divide the output 4) How will the economy adapt to the changing environment. 5)Don't do any of it.
In Which type of economy does the government decide what to produce how to produce and for whom to produce?
Controlled.
How is a government involved in a centrally planned economy?
In a centrally planned economy, the central government decide which part of the country to allocate cash and which one not to.
What are the 3 types of economies?
Market Economy - Where consumers decide which goods and services they want and businesses provide these. Most businesses in a market economy are privately owned. The USA is an example of a market economy. Command economy - Where the government owns most businesses. The government decides what and how much will be produced. Russia and China used to have planned economies. Traditional economy - an economic system in which people make economic decisions based on customs and beliefs that have been handed down from one generation to the next. A mixed economy is another kind of economic system which bledns elements of the 3 above economic systems. It is not one of the 3 major types of economies.
What type of economy does the government decide what to produce and how to produce and for whom to produce?
Controlled.
Which type of economy does the government decide what to produce how to produce and for whom to produce?
Controlled.
